Sensex Opens Firm; Metal & Energy Stocks Rally

Tue, 22 Nov 09:30 am

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Asian markets are trading higher in morning trade in the wake of solid gains in US markets overnight. The Nikkei 225 is up 0.04%, while the Hang Seng is up 1.38%. The Shanghai Composite is up 0.65%. Stock markets in Europe also closed their previous session on a positive note.

Meanwhile, Indian share markets too have opened the day on a firm note. The <>BSE-Sensex is trading higher by 200 points and <>NSE-Nifty is trading higher by 65 points. Meanwhile, both S&P BSE Mid Cap and S&P BSE Small Cap are trading higher by 0.8% and 1% respectively. The rupee is trading at 68.26 against the US$.

According to an article in The Financial Express, India's top steel companies can easily shift about 40% of their inter-state goods movement to coastal shipping. Reportedly, promoting coastal shipping of just six commodities, including coal, cement and steel, could result in a huge annual savings worth Rs 400 billion.

The shipping ministry has said Tata Steel has the potential to shift about 1 million tonne (MT)of steel from its inter-state rail movement to Kolkata Port from Jamshedpur and 0.4 MT to Paradip from Kalinganagar plant.

Likewise, SAIL plants at Durgapur, Rourkela, Bokaro and IISCO have the potential to switch about 2.7 MT of steel for movement through coastal shipping from Kolkata and Paradip ports instead of rail transportation.

The report has said that of the total, coastal shipping of thermal coal alone could result in savings of about Rs 200 billion, while promoting steel and cement sector would save an annual Rs 55 billion and Rs 40 billion.

The government has already announced a port-led development of coastal areas under its ambitious Sagarmala project that aims at harness India's 7,500-km long coastline and 14,500-km of potentially navigable waterways.

To encourage shippers to shift cargo to waterways and coastal shipping, the government is planning to provide an incentive of Re 1 per km for a tonne of cargo.

Steel stocks have opened the trading day on a positive note with Jindal Saw Ltd and Tata Steel leading the gains.

Moving on to news from stocks in the auto ancillary sector. According to a leading financial daily, Bharat Forge Limited (BFL) is set to acquire 100% shareholding of Walker Forge Tennessee LLC (WFT) through its US subsidiary, Bharat Forge America. The transaction is valued at US$14 million, which will be funded through internal accruals & debt.

WFT is a leading supplier of complex, steel and high-alloy steel, engine and chassis components to a diverse group of customers across automotive and industrial sectors. WFT is expected to record revenues of US$28 million in CY 2016 with a balanced revenue mix across the automotive and industrial sectors.

For BFL this proposed acquisition is focused establishing manufacturing footprint in North America and increasing product offering into the passenger car and commercial vehicle segments as well into industrial sectors such as construction & mining and allied industries.

Meanwhile, for Bharat Forge, the acquisition of Walker Forge Tennessee creates a strategic manufacturing footprint in North America to leverage their existing customer relationships. It also enables the company to address new end market segments and broaden the product portfolio (Subscription Required).

Bharat Forge's share price opened the trading day up by 0.1% on the BSE.

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